Electric commercial vehicle startup Euler Motors has secured Rs 6.38 billion in its latest Series D funding round, with Hero MotoCorp joining as a key strategic investor. British International Investment, the UK government鈥檚 development finance arm, also continued its support.
Euler Motors will use the fresh capital to broaden its national sales and service footprint and accelerate development of new electric vehicle models. This funding arrives as India鈥檚 demand for electric commercial transport surges, especially in e-commerce, retail, and last-mile logistics.
Founded in 2018 and based in Delhi, Euler Motors offers products like the HiLoad EV, an electric three-wheeler for cargo, and the StormEV, India鈥檚 first light commercial four-wheeler equipped with advanced driver-assistance systems.
Hero MotoCorp鈥檚 investment aligns with its long-term sustainability roadmap and expansion into electric three- and four-wheelers. Dr Pawan Munjal, Executive Chairman of Hero MotoCorp, said this opens new opportunities in electric cargo mobility while supporting sustainable innovation.
Euler鈥檚 total funding now reaches nearly Rs 14.20 billion, supported by investors including Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives. Euler Motors aims to lead India鈥檚 commercial EV segment with robust, India-specific vehicles.
Source:FE Business
